One of the recent developments in the Bitcoin landscape is the introduction and rise of Metanet. Something as sophisticated and abstract as Bitcoin needs a proper structure to ensure it works as it should without complications, and this is where Metanet comes in. Metanet “powers Bitcoin and lives on Bitcoin.” It is a sort of Internet 2.0 secured by Bitcoin.
Currently, many users and companies struggle with privacy and data control issues. nChain Chief Scientist Dr. Craig S. Wright, the inventor of Bitcoin and the creator of the Metanet, said that the Metanet is a “value network” created on the blockchain that will serve as a secure alternative to the Internet as we know it, and ultimately the “Internet becomes a sidechain to the Bitcoin blockchain.”
If this is the first time that you’ve heard of Metanet, we’ve created a visual graph to help you understand this new development in the world of Bitcoin for beginners; you can find everything you need to know about it below. Let’s get started.
Bitcoin and Metanet
Thanks to Bitcoin, it’s now possible to share data safely and securely through encrypted, private and public channels while allowing easy, instant verification using blockchain.
One of Bitcoin’s critical features is its ability to build global identities and enable individuals to own their intellectual property in the peer-to-peer network. This makes it easier to hold people accountable for their actions and difficult, if not impossible, for fraudsters to create multiple fake accounts to spread false information. This is one of the main focuses of the Metanet.
To provide clarity, the Metanet doesn’t negate anything that has been built on top of Bitcoin. Instead, it acts as an added layer to existing systems. Not everyone is required or encouraged to use it; however, it opens a whole new world of opportunities and a fair and safe online experience for both users and companies.
How the Internet and Metanet Differ
In today’s world, data is money, and user data is the internet’s most valuable commodity, but its value is hard for the average person to calculate because it is privately insulated in opaque, corporate silos. Tech giants allow people to use their apps or online services seemingly for “free,” but they are actually harvesting and selling human attention as advertising data!
With data breaches that fail to ensure users their right to privacy—such as the Cambridge Analytica and Facebook scandal, where millions of Facebook users’ data was harvested without consent by Cambridge Analytica primarily for political advertising—it’s a relief to know that your data can be made safe through sovereign ownership with Metanet technology.
The Metanet aims to revolutionize the data market in a way that lets users remain in control of the information they post and provide. On the Metanet, users own their data, and they get to decide which apps or services can access it while setting their own price for the sale of their data. In other words, the Metanet is a secure and directly monetized alternative to the Internet.
Take the BSV-based application Twetch—it is a decentralized social media platform where users are given full ownership of their data or content. Twetch allows users to earn money from the content they share based on its quality or popularity.
Users spend micropayments (e.g., $0.02 per post) for every action they make because it costs money to write and store data on the blockchain, and a small portion of those payments also go to Twetch – eliminating the need for them to sell user data to earn profit.
As mentioned above, any content a user creates and posts online is owned by them. Therefore, the user also earns a small amount each time another user engages with the post (i.e., comments on the post or shares the post). Moreover, in the Metanet ecosystem, access to social media profiles require authorization via a private key.
How the Metanet Can Transform Society
Picture this: you can use a service or app without the risk of your data being mined or harvested by businesses for their own advantage. That would mean you are in control of your data and privacy, not the other way around. Let’s have a look at some of the effects the Metanet can have on society.
- You are the owner of your data. This is the most crucial and significant impact of the Metanet—you don’t have to worry about being surveilled by tech companies. The data utilized by the online products and services you purchase will be under your management, and you can choose who and when they can access it.
- You will have a digital identity. Everyone who uses the Metanet will have his or her own digital identity, which is in the form of a password. Users pay and are identified, verified, authorized, and paid via their identity (e.g., fingerprint, face recognition, iris scan) that is encrypted on the Metanet.
- You don’t have to worry about companies controlling your data. Companies can no longer access or manage your data without your knowledge. With the Metanet, companies pay to access data you permit them to, but only with your consent.
How the Metanet Changes the Business Model of Search
The Metanet will allow companies to explore exciting business models with on-chain-based content distribution and microtransactions that will enable security, stability, and higher data quality. It can create solutions that will allow:
- Users search for information and content services online that are relevant, high-quality, and truly informative–as opposed to results that pop up because of traditional advertising models–in exchange for micropayment.
- Authorization of access to user content, social media profiles, and other information securely using digital private identity.
- An online experience that is free from ads ensures users that their data is safely stored and managed on the chain.
- Users pay for a service per usage instead of a subscription fee.
- Users participate in seamless and real-time financial transactions without having to “leave” a page to make and ensure secure payments.
Metanet: The Internet Game-Changer
At present, users give away their information for free. While you pay for every action on the Metanet, there are ways to earn money back – creating economic velocity. One of the Metanet’s primary selling points is how it stores and structures data more efficiently and effectively, and that it is entirely private.
Imagine a space where you can share and truly own your information and the content you publish online while retaining your rights. The Metanet is a mind-blowing concept, and while it has its own challenges, the fact remains that its goal is to bring significant changes to how people access, engage, and interact with content online and e-commerce transactions.
Are you looking to read more about the latest Bitcoin news surrounding the industry? CoinGeek provides useful and easy-to-digest content that is perfect for beginners on Bitcoin. Head on over to Bitcoin for Beginners to learn more!
